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Bank of Cyprus is turning green

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The creation of a carbon-free housing portfolio is one of the green goals set by the Bank of Cyprus, in order to align with the green transition scenario.

On the occasion of the announcement of its preliminary results for 2023, the Bank of Cyprus reports that the concentration of carbon in the housing loan portfolioon December 31, 2023 was calculated at 50.73 kgCO2e/m2, achieving approximately a 5% reduction, compared to the reference point, due to increased installation of photovoltaic systems in residential buildings in 2023.

In the results of 2023 it is also stated that the bank has introduced a green mortgage product offering, to help meet the decarbonisation target in mortgages and effectively reduce climate risk. In addition, the bank has set lending and investment limits in sectors with high carbon concentration.

Also, having introduced and implemented the Business Environment Scan process, the bank has set targets for new green financing or sector-specific transition finance to support its clients' transition to a low-carbon economy. The amount of loans in environmentally friendly products on December 31, 2023 amounted to €24.5 million, compared to €20.9 million on December 31, 2022.

Source: www.philenews.com

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